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Sunshine Loans were designed for one purpose: to help you deal with short-term cash flow problems. But with so many payday lenders in South Africa, why should you choose this option?
In our complete Sunshine Loans review, we’ll explore everything you need to know about this lender, including how to apply online and get cash in your bank account.
✅ How Much Do You Need?
WHO IS SUNSHINE LOANS?
Sunshine Loans South Africa is one of the consumer brands behind MoneySpot Finance SA (Pty) Ltd, a financial services company specialising in short-term financial solutions.
MoneySpot Finance and its investors use a business model whereby they offer little loans to thousands of consumers to spread the risk of default. Moneyspot also runs similar operations, trading as Sunshine Loans across the globe in countries like Australia and the USA.
KEY FEATURES
- Loan Amount: R500 – R4000
- Loan Terms: 4 days to 49 days
- Loan Types: Personal Loans, Payday Loans, Emergency Loans, Fast Cash Loans, Cash Advances, Short Term Loans
ILLUSTRATIVE EXAMPLE
If you were to borrow the maximum loan amount of R4000 and pay it over the maximum term of 49 days, your total repayment will be approx. R5 014. That means interest and fees will total approx. R1 014. You may also be liable for other fees and charges in case of late payments and default.
PROS
✔️ Easy online application
✔️ No paperwork
✔️ Fast funding
✔️ Bad credit borrowers accepted
CONS
❌ Limited borrowing options
WHY WE LIKE IT
This lender offers easy access to a popular product that helps consumers who are faced with money problems. Many South Africans are dealing with financial crises, and a small, short-term, fast cash loan from Sunshine Loans can be a lifesaver if used responsibly.
SUMMARY
The lender specialises in little loans for short-term money problems. You can get fast approval for up to R4000 with up to 49 days to pay.
SUNSHINE LOANS ARE BEST FOR YOU IF YOU:
- Need a small, short-term loan
- Want fast approval and funding
- Have a not-so-perfect credit score
✅ How Much Do You Need?
Full Sunshine Payday Loans Review
Learn more about this lender – we break down the full details below.
Pros Explained
100% online, easy application process
You can apply for a loan in 5 minutes and 3 easy steps. It’s 100% online so you can apply anytime, anywhere. If you’re a returning customer, simply log in to the online portal, and the application will be even faster.
Simple and paperless
All you need are valid internet banking details to download your bank statements via the online application form. The company provides an online-only service, so you don’t have to deal with manual paperwork when applying.
Fast approval and funding
The lender typically processes loan applications in as little as 60 minutes during business hours. That means the money can hit your bank account in one business day. If approved by 5 pm on a business day, you could receive funds on the next business day.
Your credit score doesn’t have to be perfect
The lender says it’s willing to consider bad credit borrowers. The lender says that although it will perform the necessary credit checks, it won’t penalise you if your credit score isn’t perfect because of past mistakes. Instead, Sunshine Loans looks at your most recent history of repayment and affordability.
Cons Explained
Restrictive amounts and terms
Compared to other lenders, Sunshine Loans doesn’t offer a lot of borrowing power and repayment options. Consider going with a different lender if you’re looking for a long term financial solution. There are many similar lenders that offer up to R8000 with up to six months to pay.
What Could Be Improved
It’s important to know the total cost of your loan before applying. You can use the lender’s loan calculator, available on the homepage. It allows you to see your total repayment once you input your desired amount and term.
However, the lender is not entirely upfront about the interest rate and fees it charges. As such, you should read your loan contract thoroughly to fully understand how much a Sunshine loan will cost you.
How Do Sunshine Loans Work?
This lender offers a range of fast cash loans, which are all essentially one product.
- Payday Loans. You can apply for a payday loan if you need to cover unexpected expenses and can pay it back on your next pay date.
- Cash Advances. A cash advance works like a payday loan. Your repayment is typically due on your next payday.
- Emergency Loans. Emergency loans offer fast approval and fast funding. You can access money quickly and easily when you have an urgent financial difficulty.
- Short Term Loans. These short term loans are available over a minimum of 4 days. It can be a great alternative if you only need extra cash that you can pay off quickly to minimize borrowing costs.
- Personal Loans. If you have a relatively major expense, a personal loan of up to R4000 can do the job. Sunshine personal loans have terms of up to 7 weeks.
- Quick Cash Loans. Sunshine Loans quick cash loans are similar to emergency loans. The money can be paid within the hour to meet any immediate financial needs.
Is Sunshine Loans a Safe and Trusted Option?
Sunshine Loans is a registered credit provider with the National Credit Regulator (NCR). It’s owned by MoneySpot Finance SA (Pty) Ltd, a registered company in South Africa. As a responsible lender, Sunshine Loans performs affordability assessments and credit checks on all loan applications.
Furthermore, this lender adheres to the same standards as banks and other online payment companies to ensure that your financial information and internet banking details are safe and secure. We advise that you search for Sunshine Loans reviews online to determine if they’re the best option for you.
How to Apply for Sunshine Loans Online
Check eligibility requirements and have all the information and details handy before you apply.
What You Need to Qualify
You need to be:
- Over the age of 18 years
- Be a South African resident
- Be employed with a regular monthly income
- You’ll also need your cellphone number, SA ID number, and bank account details
Online Application Process
You can apply for a Sunshine loan in 3 easy steps:
- Fill out the application form with the required details. You also need to enter your internet banking details, so the lender can access your bank statements.
- Wait for approval. The lender will verify your information before making a decision.
- If approved, you’ll receive a loan contract outlining the terms and conditions of your loan and other details, such as the interest rate and repayment date. If you sign and accept the offer, you get cash in your bank account soon after.
Sunshine Loans Contact Details
📌Contact number: +2710 496 2073
📌Email address: info@sunshineloans.co.za
📌Physical address: 5 Quantum Street Technopark, Stellenbosch 7600, Western Cape
Other Loans Like Sunshine Loans
Here are your top options from similar lenders:
- Lime Loans. Borrow R 500 – R 8 000 up to 37 days.
- Mpowa Finance Loans. Get up to R8000 by 5PM.
- Finance 27 Loans. R 500 up to R 7 200 from 61 to 65 days.
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Frequently Asked Questions
On business days, Sunshine Loans can process applications in as little as 60 minutes. If approved by 5 pm you’ll get funds on the next business day. Make sure you apply for a loan amount you can afford to repay to increase your chances of approval.
You can choose a repayment date that matches your payment cycle. The funds will be withdrawn from your account via Direct Debit. There are no early repayment penalties or fees and charges. If you’re unable to pay your loan, Sunshine Loans can help with a payment arrangement.
You can only receive one online cash loan from Sunshine Loans at a time. This lender will always review credit information to ensure you can afford to repay it. The good news is you can always borrow again once you finish paying off an existing loan.
Our Research Expert
Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.